Kyle Lowry agrees to $48 million deal to stay with Raptors

Free-agent guard Kyle Lowry has reached agreement on a four-year, $48 million contract extension with the Toronto Raptors, league sources told Yahoo Sports.

The fourth year of the contract is at Lowry's option.

"Toronto is just the right place for me," Lowry told Yahoo Sports.

Securing Lowry, a cornerstone of the Raptors revival, had been general manager Masai Ujiri's No. 1 priority in the offseason, and stands as a coup for a franchise that had struggled in years past to get frontline NBA players to commit long-term.

Lowry stands to become an even more popular and marketable figure in Toronto with his decision to return to the team.

Lowry, 28, had been a free agent target of several teams, including Miami and Houston. In his second full season in Toronto, Lowry had a borderline All-Star season, averaging 17.9 points, 7.4 assists and 4.7 rebounds per game. He led Toronto to the playoffs for the first time in five years, losing in a seven-game series to Brooklyn.